First Breakthrough Made on Independent Deepwater Exploration in Qiongdongnan Basin

 First Breakthrough Made on Independent Deepwater Exploration in Qiongdongnan
                                    Basin

  PR Newswire

  HONG KONG, March 19, 2014

HONG KONG, March 19, 2014 /PRNewswire/ --

 "Company", NYSE: CEO, SEHK: 00883) today announced that the Company has
recently made a new mid-sized gas discovery Lingshui17-2, which indicated the
first breakthrough on the independent deepwater exploration in Qiongdongnan
Basin of the South China Sea.

Lingshui17-2 is located in the east Lingshui Sag in the deepwater area of
Qiongdongnan Basin, with an average water depth of about 1,450 meters. The
discovery well Lingshui17-2-1 is drilled and completed at a depth of 3,510
meters and encountered the gas reservoir with a total thickness of about 55
meters.

The discovery has not only proven the exploration potential of the structural
and lithologic trap in central Canyon channel of Lingshui Sag, but also
further confirmed the good exploration prospects in the deepwater area of
Qiongdongnan Basin.

Notes   to   Editors:

More   information   about   the   Company   is   available  
at http://www.cnoocltd.com .

This press release includes "forward-looking statements" within the meaning of
the United States Private Securities Litigation Reform Act of 1995, including
statements regarding expected future events, business prospectus or financial
results. The words "expect", "anticipate", "continue", "estimate",
"objective", "ongoing", "may", "will", "project", "should", "believe",
"plans", "intends" and similar expressions are intended to identify such
forward-looking statements. These statements are based on assumptions and
analysis made by the Company in light of its experience and perception of
historical trends, current conditions and expected future developments, as
well as other factors that the Company believes reasonable under the
circumstances. However, whether actual results and developments will meet the
Company's expectations and predictions depends on a number of risks and
uncertainties which could cause the actual results, performance and financial
conditions to differ materially from the Company's expectations, including
those associated with fluctuations in crude oil and natural gas prices, the
exploration or development activities, the capital expenditure requirements,
the business strategy, whether the transactions entered into by the Company
can complete on schedule pursuant to its timetable or at all, the highly
competitive nature of the oil and natural gas industries, the foreign
operations, environmental liabilities and compliance requirements, and
economic and political conditions in the People's Republic of China. For a
description of these and other risks and uncertainties, please see the
documents the Company has filed from time to time with the United States
Securities and Exchange Commission, including 2012 Annual Report on Form 20-F
filed on April 24, 2013.

Consequently, all of the forward-looking statements made in this press release
are qualified by these cautionary statements. The Company cannot assure that
the results or developments anticipated will be realized or, even if
substantially realized, that they will have the expected effect on the
Company, its business or operations.

For further information:

Ms. Michelle Zhang Deputy Manager, Media / Public Relations CNOOC Limited Tel:
+86-10-8452-6642 Fax: +86-10-8452-1441 E-mail: MR@cnooc.com.cn

Ms. Cathy Zhang Hill+Knowlton Strategies Asia Tel: +852-2894 6211 Fax:
+852-2576 1990 E-mail: cathy.zhang@hkstrategies.com

(CEO CNU.)
 
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